Amid a surge in demand for housing, the latest data shows that land prices in Sydney have risen by almost 40 percent in the past two years.

Releasing the June quarter edition of their Residential Land Report, Housing Industry Association and CoreLogic say median lot prices for vacant residential land rose by 7.1 percent across Australia over the past year and now sit at $237,535. Land prices have now risen across the nation by around 15 percent…